Transcripts For FBC Varney 20240703

Creators. They became popular on the platform thats under the microscope and could be banned or sale forced. Stuart not sure the connection there promoting Small Businesses and made the wrong of the tsonga i like the choice with the platform they song in the concept of freedom chose. And its a cloudy, misty day in stuart of course. Might find breakdance doesnt want to sell. They wont do it. New york harbor. 10 00 eastern. Straight to the money. Thanks, still had, consumer what i would call a favorable prices up 3. 4 in the last 12 months. What does he say about the state of the economy. Inflation rate producing a Charles Payne will discuss modest stock market, dow is up that. 130 can nasdaq up 70, 10 year treasury yield is encouraging investors, 4. 38 on the 10 year treasury, 5 basis points. The price of oil down 76 a barrel, but bitcoin on the way up, 64,169. The latest read of homebuilder confidence. The first since november of last year, the levels 45, down from 51, housing, one third of the cpi index and costs going up, the Association Says if you think of energy rules, that will raise the cost of home construction. Stuart thanks very much. The university of North Carolina chapel hill will take 2. 3 million out of its dei program, few have been as divisive as diversity, equity and inclusion, the money taken out of the dei program to the Campus Police, the town wouldnt let local Police Remove the student in cameron, they said it was a peaceful protest so the Campus Police had to do it and had a hard time restoring security and student safety. Can you imagine more money for cops at a university . They are actually doing it. The left a second double hit, their treasured dei program has been cut. Instead of defending the police, they are given extra money. Lets hope this isnt true. Surely colleges are getting tired of the intellectual straitjacket of dei. A Real University education, students have to agree to leftwing ideology to get in and stay in. Theyve been taught people of color have been oppressed and colonized. Only a short step to seeing jews as oppressors and israel as a colonial power. Thats how antisemitism developed on campus. Unc chapel hill is liberating at campus and taking steps to liberate student minds. Second hour of varney and company just getting started. Liz peek joining me. You think other schools will follow . Liz i hope so. This is a very positive trend. I would say it depends what part of the country they are in. You have seen students at a number of schools pushback against the protests and the protesters, raising american flags, proclaiming their patriotism when other students are talking how raising the palestinian flag. Some of this is ignorance and stupidity but the reality is this dei invasion of campuses has been so divisive and so problematic, there are two things, one, getting rid of that, they are not the first campus. Texas did that. They cut the ranks of their dei hires. They went crazy overboard, some campuses have hundreds of people employed in these operations doing what . Other than seeking problems in some cases where they dont exist. Both these things are very positive. As a first step we need serious reworking of colleges and what their priorities are like education. Stuart you have a new oped titled biden thought he had these voters locked in. This could be costing him big time. Which voters did he think he got locked in . Liz black voters. The Biden Administration and new projects means new project managers. You need to hire. I need indeed. Indeed you do. When you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. 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When i first started golo and taking release, my cravings, they went away. And i was so surprised. You feel that your body is working and functioning the way it should be and you feel energized. Golo has improved my life in so many ways. Im able to stand and actually make dinner. Im able to clean my house. Im able to do just simple tasks that a lot of people call simple, but when youre extremely heavy theyre not so simple. Golo is real and when you take release and follow the plan, it works. Stuart on the markets the rally holds. Democrats are shocked they are dow is up 200 and the nasdaq is losing support among the black powering up,. Community mostly among younger black people but not entirely, black males gravitating towards 09 . Donald trump. Charles payne with me this the bigger message is stop money, Consumer Prices up 3. 4 in the last 12 months. Slicing and dicing the population. What did you make of that . Charles i still think what are black voters concerned obviously wall street wants any about . The same thing all voters are concerned about, the cost of sign, came less than consensus. Living. There was an article in the new it was interesting. York times about Small Business owners who happen to be black if you take the data, retail were unhappy that Interest Rates are so high especially because those people are sales, unmitigated disaster where you see inflation, 3. 1 relying on Credit Card Debt at on gasoline stations. 25 to start businesses. The control group it goes into the gdp report was down a lot. Obama started this segregating the population into specific Empire State Manufacturing number was an unmitigated disaster. Groups they then target for votes. National association for homebuilders blade and massive had a chance to go into the now, as the black Community Report and see whats going on, becomes a middleclass community and numbers in that interesting how we root for piece show they are very rate cuts but they come at the reflective of the country wrong time, initially the overall whereas democrats treat them as poor ending are like Kathy Hochuls comment the kids market is getting hammered, in new york state didnt know what a computer was, who was bankrupt gradually and sudden. She talking about . Its always numbers are gradual that was pretty shocking not a and if this was the great slippery. It is reflective of a very outdated view. I would say the same is true number 2 unleash positive rate cuts. With the hispanic community. Stuart in your opinion the they talk in terms that reflect not at all the fact that so economy is slowing and may be many hispanics are successful, suddenly it slows a lot. Charles that is what i am middleclass americans working hard, they are not at all happy concerned about. Always look at the data in aggregate. With President Bidens border policies which are hurting them. The aggregate means 10 trillion in the bucket. Stuart thanks for joining us. How about this . There money is already shifted abc news anchor George Stephanopoulos joined the view, talking about the deep state. Over, this half of the bucket is broke. Lauren you typically think of 72 billion according to the San Francisco fed. Conspiracy theory, has a negative connotation, he says absolutely the opposite, these so broke they come back on are the most patriotic americans serving the country. Credit cards. As it moves over it can be one some people call those people the deep state. Of those gradual things. The big thing i learned is the deep state is packed with Stuart Charles and i were patriots. Talking in the last break. People who go to work every day on the front lines of the most Charles Payne, the man himself went and bought stock in game stop. I think that a gambling ship. Intense crises the country why did you buy game stop . Faces, to serve their country and presidency, not the president. They dont care about political parties. Charles a sign of respect for people in this line of work. And doing it anonymously. It is not about, the whole game stop thing stuart you mess with the big shots. Lauren he gave a lot of praise charles and the elites overall. To the deep state and i admire what they are doing. Wall street gets it wrong. Apolitical government workers. Stuart thanks very much. The fundamentals, no one is buying out of that. Check the markets please. The rally holds. You could say it is a mistake, it is a modest rally. Something you will lose money. 160 on the dow, s p is up. A lot of people watched their we talk about the market, talking about the consumer parents load up on ibm and price index, 3. 4 inflation, general electric. 25 years ago, still down. Load up on at t, still down, 25 years later. Someone had to do it but what does this mean for the others, this is their way of stock Market Going Forward . Fighting back. I learned that i didnt buy good morning. From my own research. The market is responding stuart but it is a casino. Positively to this cooler than expected report. For the viewerss sake, the charles the average 4001k this last three report we received last quarter is the same number have been surprises to the upside. This was a welcome surprise mostly hitting expectations five years ago. With just slightly cooler on the core side. As we look at things projecting the average person, and be forward, there is going to be happy with 8 . Some focus on the rates because watch every quarter. Ask any firm on wall street within quarterly training of we are seeing some inflation coming down but i am not convinced that that is the 25 , stock gets hammered. Stuart thanks very much for trend. Being here. Stuart you dont feel that the fed is losing battle against inflation . Still ahead, pam bondi on the i do believe the fed is trump trial, will trump losing the battle with testify . Inflation. Its very apparent. Yesterday we got a pti report, surprise to the upside. Molly hemingway on biden repeating in another interview ppi talks about the wholesale that inflation was at 9 . Cost or what it costs for producers to manufacture that was dead wrong. Things. Thats next month at the month Victor Davis Hanson on the following the cpi report. One of the things i like to do administration moving forward with a plan to send 1 billion is take the last three months in military aid to israel. Is that a reversal of bidens policy . The 11 00 hour is next. And project them forward. If we look at a forwardlooking number on cpi youre looking at 4. 4 for the year if the last three months are part of the future. That the sticky inflation figure. I do not think this will bode well. The fed is stuck between a rock and a hard place and they will probably be forced to cut. I dont think they will do it intentionally. Stuart forced to cut. Thats interesting. 4. 4 inflation rate Going Forward would not be good news for the stock market. Thanks for joining us. The 10 year treasury yield is 4. 38 as we speak. Next the white house was pressed on the timing of bidens new tariffs on china. Roll tape. This is an election year. Why did it take three years to oppose these tariffs . Reporter in the fourth year of the tariffs, if there is a staple that is benefiting from the tariffs that ask us to keep them we keep them. Thats what happened in 2,022. As tariffs went on in 2018. As result of that, in the fall of 2022 we started a process that has taken us to today. Stuart what is bidens strategy . President biden wants more americans and electric vehicles and wants to appear tough on china because that is what pauls show is voters want. Hes slapping tariffs on evs made in china. If you listen to that soundbite the explanation is we needed time to review the processes and come to this conclusion. What she didnt say is it took more time for the Biden Administration to review the tariffs donald trump put in place than it did for donald trump to impose the tariffs in the first place. After that review they came to the same conclusion as trump that we need to put tariffs on these products. Hes taken one out of the trump playbook. Stuart he is defending, prioritizing the domestic Auto Industry based in michigan. To keep chinese evs outlooks good for michigan. He needs all the voters he can get because we see the Arab American Community standing up to him. Stuart inflationary too. The price goes up and consumers have to pay. You are with me for the our. Looking at the movers, home depot is up today. Lauren despite customers pulling back the brokerages are not. Home depot will weather this shortterm head wind, chelsea Advisory Group saying that, there are enough green shoots to be comfortable with our guidance. Stuart son power. It is down. 29 . Here is the news. It got downgraded. Research says sell it, it is 312. The most extreme example of this resurgence. Think china tariffs. Stuart most of them have no fundamentals. Moving on. Disney, 2. 5 . Big hit. No news to support this. There is a tornado watch issued for orlando, florida, thats a side note, that is not going to stem a lot. Stuart eric adams has an idea to sell the citys lifeguard trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the awardwinning trading platforms. Bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. Tailor the platforms to your unique needs with nearly endless customization. And track Market Trends with uptotheminute triage, use migrants but his comments are not going over so news and insights. Trade brilliantly with schwab. When you own a Small Business every second counts. 120 seconds to add the finishing touches. 900 seconds to arrange the displays. If youre short on time for marketing constant contacts powerful tools can help. You can automate email and sms messages so customers get the right message at the right time. Save Time Marketing with constant contact. Because all it takes is 30 seconds to make someones day. Get started today at constantcontact. Com. Helping the small stand tall. Nothing is broken. We thought banks were going to well. Break, you know, we thought commercial if realits we will tell you why. President biden falsely claimed again inflation was at 9 . Determined to ignore reality. John thune deals with that next. Trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the awardwinning trading platforms. Bring your trades into focus on thinkorswim desktop with robust charting and analysis tools, including over 400 technical studies. Tailor the platforms to your unique needs with nearly endless customization. And track Market Trends with uptotheminute news and insights. Trade brilliantly with schwab. You founded your Kayak Company because you love the ocean not spreadsheets. You need to hire. I need indeed. Indeed you do. Indeed instant match instantly delivers quality candidates matching your job description. Visit indeed. Com hire inside every splenda product is a mission. To help people live happier healthier and longer lives by making it easier to cut out sugar. From our factory to our stevia farm, splendas team of over 2000 individuals are dedicated to helping people live their best lives. Taking pride that everyday millions say i use splenda. and now sweeten drinks wherever you are with splenda zerocalorie liquid sweeteners. Try all three. Available in the baking aisle. When i was your age, we never had anything like this. Twhat . Wifi . E. Wifi that works all over the house, even the basement. The basement. So i can finally throw that party. And invite shannon barnes. Dream do come true. Xfinity gives you reliable wifi with walltowall coverage on all your devices, even when everyone is online. Maybe well even get married one day. I wonder what i will be doing . Probably still living here with mom and dad. Fast reliable speeds right where you need them. Thats walltowall wifi with xfinity. Stuart Interest Rates on the 2year treasury down, that is helping the market, dollars up 150. Consumer prices, 3. 4 in the last 12 months at the consumer level. What is the white house saying about inflation at 3. 4 . Reporter President Biden saying inflation is his number one economic priority. He will try to bring it down. What is interesting in his statement, he did not say his economic agenda is working. Cpi report in line with expectations, slightly down, showing inflation down across the board. This is one month of data where people feel the cost of higher prices. Since the month President Biden came into office, people paying 19 more while food is up 21 in that time. Rent is up 20 one since the month President Biden took office. This is what people feel. Some market experts say we are not out of the woods yet. The response was before trillion dollar fiscal monetary, the response to covid in the banking crisis this time around is 16 trillion fiscal and monetary response in four years. Reporter rent and gas led 70 of the increase, jay powell said regardless of the Inflation Numbers the Federal Reserve needs to see more. My confidence is not as high as it was having seen these readings in the first three months of the year. We have to see where inflation data falls out. Reporter he needs to see more than one quarters worth of data to see if inflation is more persistent, the fed hoping inflation does come back down. Stuart thanks very much. Biden for the second time claimed inflation was at 9 when he came into office. President biden inflation is slightly up. It is down 3 . The steady, stay the course and produce incredible job and pay for the job facing inflation rate. Take more time for this focus. Stuart mr. Senator, that is twice biden came into office with 9 inflation, one. 4 as we know. Why does the president keep repeating it. He is just wrong and i think it is selective memory, other areas of his agenda but the fact is Everybody Knows he is the president with the crisis. Inflation since he took office is 19 . The number i have seen for energy is 40 so every American Family spending more than 1000 a month more for basic living than when President Biden took office, thats a huge impact on Family Budgets which is why the economy is incredibly important issue, and this president and his policies contributing to the economic crisis a lot of families are facing because of high costs. Stuart energy costs, 38 , 40 since the president came to office. I would imagine with energy costs going up like that, you are getting hardhit. We get extreme temperatures, long distances we have to travel. You cant get away from the facts. The president and his rhetoric tries to detach himself from his record. The reality, most americans are living, families are living now in a place where everything costs more, in place like south dakota and across the country. Stuart what would a trump win mean for the economy . The heavy regulatory state hammering every sector of the economy. This administrations policies are more expensive and harder to do business in the country. Donald trump comes in and you will have a regulatory approach and wont is see increased costs of doing business which gets passed on to consumers when they start the regulatory policy, border policy all going to change under a trump administration. Stuart the administration is moving forward with 1 million worth of weapons, aid for israel that includes tactical vehicles, and the you nation. Is this a responsible of the arms embargo . It is a clear reversal but its unfortunate that its too little too late. Message was sent to our allies when they withheld the arms and weaponry we were supposed to provide them after Congress Approved 14 billion in aid to send a message to anybody around the world that we are not reliable. The president realized the error of his ways and they tried to rectify that by issuing or moving forward and a lot of damage is done. It was unnecessary and clearly in violation of the will of congress with bipartisan majority having supported in the past this aid designed to help israel to fight for their survival which they are doing on a daily basis. Stuart south dakota senator john thune, thank you for joining us. The mayor of new york is eric adams. He you wants the thousands of migrants already in the city to become lifeguards. Tell me more. Theres a life are shortage, the he wants them to fill those openings but what is raising eyebrows is mayor adamss reasoning for this. He says migrants are uniquely qualified to become lifeguards because of their swimming ability. We had a migrant and asylumseekers are planned that states those jobs that are in high demand we can expedite. How do we have a large body of people in our city, in countries that are excellent swimmers and at the same time we need lifeguards . The only obstacle is we dont give them right to work to become a lifeguard. Doesnt make sense. The Mayors Office says this is nothing new from the mayor. Hes been pushing to put thousands of migrants in new york city to work. This is the first time its a good fit for the job because they are excellent swimmers and mayor adams is the second elected official in new york in the last couple weeks to make sweeping generalizations about a group of people they govern. Governor kathy hochul said black kids in the bronx dont know what a computer is, she says she regrets that after the backlash. Mayor adams doesnt seem to be backing down. He is doubling down. Stuart maybe you get it from the rio grande. It is a weird thing to say. Stuart your with me for the hour. Boeing in hot water, the Justice Department is a comedy broker 2,020 one settlement over the deadly 737 max crashes that killed 300 people. Grady will have the details on this coming up. Chaos continues in new york, dozens of antiisrael protesters took over a library. That story is next. Stuart more news on possible debates. President biden says he has accepted an invitation from cnn for a debate on june 27th. We are waiting for a response from donald trump and be will bring it to you as soon as comes in. On the markets, not a whole lot of it but 100 points on the nasdaq composite. Boeing violated a 2021 settlement. Tied to the deadly max jet crashes. Criminal charges. Boeing you could face criminal charges, and we have to see what happens. And by july 7th. The deal boeing struck with the deal is to avoid prosecution after those crashes. It is set to expire days after the Alaska Airlines flight, boeing failed to design, implement and enforce compliance and Ethics Program to prevent fraud violations, and they look forward to defending themselves. Stuart a common accusation is a very different thing. Lauren at the factories to monitor everything they do. How many agencies are inside boeing . Stuart reputational damage has been done and that is why the stock is down two. University of North Carolina chapel hill board of trustees voted to dismantle the they i programs to fund Campus Police. On the heels of antiisrael protests that overtook the chapel hill campus. Member of the board of trustees joins me now. What went into that decision . On the dei side, what went into the decision to take money out of those programs . Glad to be with you. A lot of these programs were implemented after the period of unrest and at the same time there were calls for defunding the police. The reactive field Good Measures that did not have clear metrics, lots of vilification of police which led to difficulty, retaining Police Officers with undue influence by police that is resulting in lack of law and order. And we need to have a us flag, something is terribly wrong. Stuart you pull back on dei and gave money to Campus Police officers. I expect you got a lot of pushback on this. Have you . Weve gotten a lot of support for this. A lot of people feel the pendulum is coming back. When it is considered unacceptable to misuse someones pronouns but okay to scream obscenities and throw bottles out Law Enforcement, use a bullhorn in their face, threatened them, push and shove and hurt them, vandalize property even tell an officer where the wife worked in an effort to intimidate them, something has gone wrong. This is antifa, anarchists, democrat socialist, all part of these groups involved in disturbances, using our students as shields for their defy 7 us and we support Law Enforcement and actions demonstrate we also want to support meritocracy, prevent the socialist marxist environment. We believe in equal opportunity. Stuart this is music to our ears. Thanks for joining us. We appreciate it. See us again soon. Dozens of antiisrael protesters took over a building in new york. Take me through this one. Reporter it was raining and protesters didnt want to stand in the rain so a group of 30 of them went into the centers library chanting, hanging banners and palestinian flags. They renamed the library after a university in gaza destroyed in his relapse war with hamas. Dozens of nypd cops lined the street outside but never went in, the president of the graduate center, he started negotiating with protesters inside the building but didnt meet their demands. Students trying to study when this was going on. Imagine being a student studying for finals right now and this massive disruption happens. Stuart just imagine. Still ahead, tiktok has until january 19th, a were real estate billionaire is considering a bid to buy the app. The if the ic chairs testify before Congress Facing intense political pressure to step down. It was a down report that found the agency ramped up delegations of harassment, bullying and a toxic culture. 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Theres another choice. Gentlecure. It sounded like everything i had been looking for. Gentlecure uses low energy xrays to kill skin cancer cells with a 99 cure rate. Plus, theres no cutting, no surgical scarring and no downtime. Im so glad i did it. It was successful in every way. To learn more, call today or go to gentlecure. Com stuart developments are coming fast. We showed you this. Biden accepted an invitation to debate trump on june 27th. The news is now the trump has responded. He has accepted. He said he will be there. This came quickly. Agreement on a debate deal june 27th at cnn studios and that is what they agreed to. Big tech on the upside mostly this morning, up market, amazon is down 2 . . Microsoft, alphabet and meta on the upside. It is down sharply. Lauren the ceo speaking at a conference saying we made a mistake, too much on content. He called that strategy a mistake and it was initiated under the previous ceo. Apple is bringing tracking to the ipad and iphone, a feature that can read i moment to enable you to do certain things, that is one example of how ai is coming to the device. Stuart your ipad, looking at your screen, you are concentrating. How about netflix. Lauren exclusive rights to stream to nfl, and 2026, stock is up 1 , sports is where it is. The reported 150 million for each of the games. Stuart 150 million for each game to stream it. The fdics chair testifying on capitol hill. A toxic work environment, bullying and discrimination. What do we have so far . Reporter hes sorry for his bad behavior. The fdics chair fending off calls to step down, the Top Republican on Senate Banking, tim scott had a phone call where he told him to redesign and today the chairman of House Financial Services, Patrick Mchenry also called for him to step down. The fact that youve not yet redesigned proves you take no responsibility for your actions. This includes your verbally abusive behavior. This is beyond partisanship. Reporter bloomberg has admitted to contributing to the toxic workplace exposed in an independent investigation where employees told investigators many felt sexually harassed from other employees, verbally abused and retaliated against for reporting bad behavior from the top down but the buck stops with bloomberg, he admits he contributed with his own anger issues. Staff described him as someone who was angry and upset and could not control his anger, it is difficult and volatile. I want to apologize and express how deeply sorry i am. I also acknowledge my failures as chairman in failing to recognize my temperament and how it impacted others. Lauren only the president himself can fire him. He appointed him to this position and is the only one who can get rid of them so unless he voluntarily stepped down it seems he is here to stay. Lauren thanks very much. Grady trimble, will he be sent anger management classes . Reporter hes controlling his anger in front of congress but whether he steps down or not, hes been a member of the board since 2005 so over that 20 year period you would think he would have known his behavior was inappropriate and worse inappropriate behavior was going on. What did he do about it during that time and whats interesting is all prominent democrats coming to his defense. Elizabeth warren shared brown, Senate Banking chair, maxine waters, top democrat on the House Financial Services committee. It makes you wonder if the scripts were flipped and gruenberg were a republican what all these democrat be defending him . Stuart they would not. Thanks very much. One real estate billionaire is preparing a bid to buy tiktok. Lauren you might know him as the former dodgers owner, a nonprofit called project liberty that formed a